Tag Archives: INCOME DECLARATION SCHEME 2016

Held In the taxing statutes, the Court has to be very slow in interpreting the statutes where intention of the legislature is to curb the evasion of tax. This is a peculiar case where the Government has granted the benefit under the scheme only to the persons who are not covered under Section 132 of… Read More »

Instruction No.12 of 2016 F.No.370142/8/2016-TPL (Part) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** New Delhi, the 11th November, 2016 To, All Principal Chief Commissioners of Income-tax Subject: – The Income Declaration Scheme, 2016 (the Scheme) -reg. Instances have been reported by the field authorities that… Read More »

CBDT committed to Strict Confidentiality under Income Declaration Scheme: 2016 While announcing the results of the Income Declaration Scheme 2016 on 1st October, 2016 at a press conference in Delhi, the Honourable Finance Minister Shri Arun Jaitley stressed that no break-up of these declarations on the basis of trades/cities/states shall be released in order to… Read More »

Income Declaration Scheme 2016 unearths Rs.65250 crore of hitherto Undeclared Income and Assets; 64275 declarations filed under IDS-2016 up to the midnight of 30th September, 2016 The Income Declaration Scheme, 2016 came into effect from 1st June, 2016. It provided an opportunity to persons who had not paid full taxes in the past to… Read More »

Instruction No.9 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *** New Delhi, the 27th September, 2016 To, All The Principal Chief Commissioners of Income-tax Sub.: The Income Declaration Scheme, 2016 – reg. Instances have been brought to the notice of the Board that some taxpayers… Read More »

F. No. 282/227/2016-IT(Inv-.V)/26/2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (Investigation Division) New Delhi, dated 21st September, 2016 Order under section 119 of the Income-tax Act, 1961 Circular No.17 of 2016 dated 20.05.2016 relating to the Income Declaration Scheme, 2016 (the Scheme) clarifies that a person shall be eligible to make declaration… Read More »

CHAPTER IX OF THE FINANCE ACT, 2016 THE INCOME DECLARATION SCHEME, 2016 Short title and commencement. 181. (1) This Scheme may be called the Income Declaration Scheme, 2016. (2) It shall come into force on the 1st day of June, 2016. Definitions. 182. In this Scheme, unless the context otherwise requires,— (a) “declarant” means a… Read More »

INCOME DECLARATION SCHEME, 2016 – CLARIFICATIONS ISSUED TO FURTHER QUERIES RECEIVED FROM PUBLIC RELATING TO SAID SCHEME CIRCULAR NO.29 OF 2016 [F.NO.142/8/2016-TPL], DATED 18-8-2016 The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) came into effect on 1st June, 2016. To address doubts and concerns raised by the stakeholders, the Board has issued three… Read More »

Circular No. 27 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** Dated 14th day of July, 2016 Clarifications on the Income Declaration Scheme, 2016 The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) came into effect on 1st June, 2016. To… Read More »

Income Declaration Scheme 2016 – Government Revises Time Schedule for Making Payments under the Scheme During the course of meetings and seminars held in different parts of the country, various stakeholders have expressed concern that the time period available under the Scheme up to 30th November, 2016 for making payment of tax, surcharge and penalty… Read More »

MINISTRY OF FINANCE (Department of Revenue) ORDER New Delhi, the 6th July, 2016 S. O. 2322(E).— In exercise of the powers conferred by sub-section (2) of section 138 of the Income-tax Act, 1961 (43 of 1961), the Central Government having regard to all the relevant factors, hereby directs that no public servant shall produce before… Read More »

Income Declaration Scheme 2016 (Chapter IX of Finance Act 2016 ) Following are the Loopholes of Income Declaration Scheme 2016 Govt has gained time in respect of undisclosed income for which time to issue notice has expired : If the undisclosed income is not declared under Income Declaration Scheme 2016 and the time to issue notice… Read More »

Income Declaration Scheme: Government assures complete confidentiality Scheme not be extended beyond September 30 : Revenue Secretary The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016. Addressing a press conference in Mumbai today, the Revenue Secretary, Government of India Shri Hasmukh Adhia said “no source will be… Read More »

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Scheme came into effect on 1st June, 2016. Declarations under the Scheme may be filed upto 30th September, 2016. Vide Circular No. 17 dated 20th… Read More »

Income Declaration scheme 2016 The Institute of Chartered Accountants of India has started a new website http://idshelpline.icai.org/ to help on Income Declaration scheme 2016 You can also post your Query on Income Declaration scheme 2016 Related Post Form 1 efiling steps -Income declaration scheme 2016 Form for Declaration under Income Declaration Scheme 2016 Income Declaration Scheme 2016 analysis… Read More »

Form 1 for Income declaration scheme Introduction As per Income Declaration Scheme, 2016, the declaration of undisclosed income is to be filed using Form for Income Disclosure – Form 1. As per Notification No. 33/2016, the other Forms accompanying Form for Income Disclosure – Form 1 are Form 2, Form 3 and Form 4. Form 2… Read More »

Corrigendum to Income Tax Notification No. 33/2016 MINISTRY OF FINANCE (Department of Revenue) CORRIGENDUM Notification No. 44/2016- Income Tax New Delhi, the 2nd June, 2016 THE INCOME DECLARATION SCHEME, 2016 S.O. 1950(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 33/2016, dated the 19th… Read More »

Form for Declaration under Income Declaration Scheme 2016 Form 1 for Declaration under Income Declaration Scheme 2016 Note : Form 1 is available for e-Filing. To download Form 1, go to www.incometaxindiaefiling.gov.in Downloads -> Forms (Other than ITR) -> Form1. As per Income Declaration Scheme, 2016, the declaration of undisclosed income is to be filled in… Read More »

Income Declaration Scheme 2016 ( Income Declaration Scheme 2016 : Chapter IX of the Finance Act 2016) Analysis of Income Declaration Scheme 2016 Income Declaration Scheme 2016 incorporated as Chapter IX of the Finance Act 2016 Income Declaration Scheme 2016 shall remain in force for a period of 4 months from 1st June, 2016 to 30th… Read More »

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 19th May, 2016 NOTIFICATION S.O. 1830(E)- In exercise of the powers conferred by section 183, section 187 and section 190 of the Finance Act, 2016 (28 of 2016),… Read More »

Frequently Asked Questions (FAQs) relating to ‘The Income Declaration Scheme 2016’ specifying details of the scheme and clarifying eligibility available under the same uploaded on www.incometaxindia.gov.in The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act, 2016 is to come into force with effect from the 1st of June, 2016. The complete… Read More »

The Income Declaration Scheme 2016 to open from 1st June 2016. The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s). Under the Scheme, such income as declared… Read More »

THE INCOME DECLARATION SCHEME 2016 What is the Chapter of Finance Bill 2016 which cover ” THE INCOME DECLARATION SCHEME 2016 ” ? THE INCOME DECLARATION SCHEME 2016 is covered in Chapter IX of Finance Bill 2016 What is the Scheme Called and what is the date from which it shall come into force ? Section… Read More »

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